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WETA
Dec 31, 2012 6:00pm EST
. president obama said a deal is in sight to stop america going over the so-called fiscal cliff. congress officials have said the house of representatives will not vote before midnight despite tense negotiations to get an agreement signed before midnight washington time. that will trigger a series of automatic spending cuts and tax hikes and could send the country back into recession. >> of america is staring into the economic unknown. there will be some real damage. there are some people deserving far better and we will be scrambling to find budget reductions in we can understand. >> we are upon the fiscal cliff. will we need to focus on is how we find that common ground. ira by -- i believe republicans and democrats alike want to put us on the course to fiscal discipline. >> we are running at a time. americans are threatened with a tax hike in just few hours. i hope we can keep in mind that our single most important goal is to protect middle-class families. >> democrats and republicans in congress have to get this done but they are not there yet. they are closed but not there yet. one t
FOX News
Dec 31, 2012 4:00pm PST
the wealthiest americans as part of their framework for avoiding the fiscal cliff. but spending cuts still very much up in the air. team fox coverage continues with rich edson on capitol hill. rich, what's the latest on that framework. >> trace, in just a few hours, tax rates across the board are scheduled to increase. this proposal deals with it. this is the framework that senators have been discussing here. families would pay the same income tax rates they do now on the first $450,000 of income amounts of more than that they get a tax increase. one year extension of long-term unemployment benefits. doctors are scheduled to get a significant pay cut. this plan prevents that and on the estate tax, can you palings -- pass on $5 million tax tree anything more the government takes 40%, trace. >> trace: what's the hold-up from lawmakers exactly? >> in some corners, it's the spending cuts dealing with the sequester. those automatic spending cuts that are supposed to hit the economy this year or this upcoming year. there are democrats that have issue. senate democrats have not signed off on this fram
FOX News
Dec 29, 2012 1:00am PST
like a republican. >> stop, get out of here. the fiscal cliff is defense cuts and high taxes welcome to the republican party. >> rational people say that's not a good thing to do. i would hope that robert and sober behavior before new year's eve would land like an alien rocketship in washington and get these people to the table. >> greg: alice, you are sane, i believe. what do you make of this? the point i'm trying to make is why are the democrats scared of the fiscal cliff when it defines basically their ultimate dream? the democrats are anxious. they are embracing the fiscal cliff. we got obamaened a democrats in the conservative thunder bird ready to put the pedal to the metal on the fiscal cliff. they can raise taxes. they can cut military spending and they can blame the g.o.p. when the g.o.p. is doing the smart thing here wanted pointing the finger at the real problem, which is out of control spending. fixing this problem is not going to be easy but it's not complicated. we can't rely on raising taxes. we have to focus on cutting spending. that's what republicans are doing. even
FOX
Dec 31, 2012 4:25am EST
a lot more at the grocery store. >> falling off the fiscal cliff, means big cuts for the defense department. even if an agreement is reached, the threat still looms large. ♪ ♪ i'm halfway to your heart ♪ you have to let me know ♪ so i don't make my worst mistake ♪ ♪ turn around and let you go [ female announcer ] when sweet and salty come together, the taste is irresistible. made with sweet, smooth peanut butter and salted, roasted peanuts. sweet and salty nut bars by nature valley. nature at its most delicious. . >>> you know there is a lot at stake in the fiscal cliff talks besides the looming tax hikes. fox's peter deucey has a look at the latest in massive cuts that could be coming to the defense department. >> reporter: senator lindsay graham told me this morning his phone rang during dinner saturday night. it was defense secretary leon panetta calling to say he had been told that the bill to avoid the fiscal cliff will not include anything to avoid sequestration. on tuesday, leon panetta will have to write 800,000 layoff notices to the defense contractors. >> if
PBS
Dec 31, 2012 4:00pm PST
higher unemployment and probably effect of recession. >> the fiscal cliff is a series of spending cuts and tax rises. the uncertainty is already hurting the economy here and americans are angry. >> there is no reason they can't sell it. >> i'm frustrated with all of capitol hill. it is a lot of people to feel that way. it is disgraceful what's going on and we have to put some people who will compromise and of these guys can do it, get rid of them. >> even if the deal isn't found, it won't fix america's budget problems. the government has been tried and found wanting. >> let's take you back to the scene of the greek capital, athens. we did not do it much just as we came to at midnight but the fireworks are under way. it is a country in the deep crypts of austerity budget is perhaps the greeks for getting the financial woes of the country for a few hours. let's leave this beautiful scenes in aphids and go back to the continuing saga on capitol hill. steve kingston is following develops -- following developments. >> both sides are expressing cautious optimism that the framework appears to
CNBC
Dec 31, 2012 6:00am EST
in and the pentagon will be forced to cut $9 million in spending. >> if lawmakers can't avoid the fiscal cliff, they may be able to avoid a different cliff, the dairy cliff. house and senate members appear likely to extend farm legislation for a year, a deal that would keep milk prices skyrocketing in january. we were worried about $6 gallon of milk. it could keep a decades old subsidy from coming back to life. the usda would be forced to buy milk at prices well above what farmers were getting now if the subsidy was revived. it could double the price of moib to $6.12 a gallon. >> markets have been reacting to each move on capitol hill, but obviously, things at this point are looking like the dow would open down by about 7.5 points. the dow is off 67 points and the nasdaq is down 14.75 points. all the surprised given the late hour that -- >> even if something doesn't happen today, it happens in two or three days. >> right. so if you were looking for a market reaction because a lot of the market iraqis we've heard has said, if highways the case, near not getting it base odd what they're going to
ABC
Dec 31, 2012 4:00am EST
the fiscal cliff. tax hikes and spending cuts are just hours away. >>> despite the looming cliff, party preparations are under way on this new year's eve, as we welcome 2013. >>> and moengs nal and triumphant return to the sidelines. for indianapolis colts coach chuck pagano. seems his inspired season is not over yet. >>> good morning, i'm john muller sitting in for rob nelson. >> and i'm paula faris. >>> it looks like secretary of state hillary clinton will be celebrating the new year from a hospital bed. >> during a routine checkup for an earlier concussion, doctors discovered she had a blood clot. he's abc's dierdre bryant. >> reporter: secretary of state hillary clinton was admitted to the hospital on sunday with a blood clot. her doctors discovered it in a followup exam for a concussion sufferered earlier in the month. >> with time and with medication, the clot will dissolve. it won't propagate further. won't cause a clot to the lung. it will recover -- someone that has this will recover fully. >> reporter: this is not the first time she's been diagnosed for a blood clot. in 1998,
FOX News
Dec 27, 2012 1:00am PST
. >> the looming fiscal cliff is forcing president obama to cut short his christmas vacation. >> president obama is cutting short his christmas vacation. he is leaving hawaii tonight so that he can be back in washington when congress reconvenes tomorrow. >> laura: so we should believe that by leaving his island enclave that the president was making some big sacrifice for the country? i'm thinking washington, crossing the delaware on a bitter christmas night 1776 before going on to defeat the british in two major battles, that's sacrifice. i, for one, never understood how in good conscious any of these politicians would think about leaving town with so much riding on this cliff hanger? shouldn't they get their work done before they leave town for a break? that's what's expected for most working americans but then again washington politicians have rules of their own. people whose salaries that we pay are called public servants. meaning they verve us. not the other way around. we don't work to make their lives better. they are supposed to make ours better. the operative word here being work. so muc
FOX News
Dec 29, 2012 1:00pm PST
. if it does go to the fiscal cliff and we go over it, sequestration would cut only $109 billion next year. that is actually not a lot in a budget of almost four trillion, is it? >> it's not a lot of the total number, half of that goes to defense which are own admirals and generals have said and secretary of defense would be devastating. this comes on top of -- $50 billion in one year to the defense. and it doesn't touch at all medicare and the other entitlement programs. >> gregg: biggest drivers and cost and absolutely nothing has been done about those things? >> it's criminal. she is things are going to destroy us. we can live with higher taxes, you might not think it's the best idea on the rich. i think it's a way to go about it but we can't survive we are without adjusting our entitlement reform unless it is addressed. >> gregg: jamie weinstein, it's criminal -- i didn't take it that far but you do did. >> without a fiscal cliff teal the pentagon is bracing for $500 billion but that is over the next decade and raises questions how military leaders plan to keep the nation safe. >> last
MSNBC
Dec 30, 2012 5:00pm PST
're doing here, we are not going to offset the fiscal cliff, just doing the bush tax cuts. we'll only take away about 11%, 12% of total economic impact of the so-called fiscal cliff, all of the policies brought together because you'll be letting the payroll tax expire, the refundable tax cuts expire, and the sequester will be doing and we won't be doing much deficit reduction. we'll be increasing the deficit. it is just, i think, hard to step back and take in the totality of congressional failure around this issue. >> well, let's talk about what exactly is likely to happen or is the threat of what will happen. talk about the pentagon. talk about federal workers. talk about obviously the unemploy unemployed whose benefits are going away. >> absolutely. the biggest -- the most dangerous thing, the fiscal cliff is the unemployment insurance. if we go over for a month we can sort of trick everything else. we can -- the irs can do some tricks to make it so you don't feel tax increases quickly. we can do tricks to make it so we don't lay off people at pentagon, we can furlough them. there's no t
FOX News
Dec 30, 2012 7:00pm PST
to deal with the fiscal cliff and deal with the spending cuts and later this year, not much else, not much time we have to sort of get out of this so they're saying, if they can get something through the senate, fine, but if not, it's up to them, they're waiting for the senate at least as far as the house of representatives. >> harris: our senior producer on capitol hill, often we don't get to see him, i can hear voices behind you and know there are people still on the him and let you get back at it. and if there's breaking news we'll bring you back. >> we think it's going to be pretty dead from this point on. >> harris: 11 a.m. eastern tomorrow is whe expected to pick back up again with official leaders going back to the hill. some new information coming out now about the terror attack in benghazi. according to president obama, the united states has some very good leads on who carried out that deadly assault at the consulate in libya killed four americans, as you know, including our ambassador to libya, christopher stevens. mr. obama remarking on the investigation into what happened durin
FOX
Dec 28, 2012 5:00am PST
leaders from both parties to the white house today as a last ditch effort to avoid the fiscal cliff. president obama cut short his hawaii vacation to return to washington. coming up at 5:15 the odds they will be able to come up with a deal were january 1st. >>> the contra costa fire distribution has put together a meeting to discuss the closing of five district stations. they are in clayton, lafayette, martinez. the first meeting is on january 7th in lafayette. we have posted a list of times and locations of those meetings. >>> the brawl that caused wide spread panic in a san francisco mall led to a loss in post christmas sales for business. they ran from the mall when they heard a noise that sounded like gunshots. police arrested three people. all the commotion led to a lock down and likely kept thousands of post christmas shoppers out of the mall. there is no estimate on how much money businesses lost but analyst tell the sacramento breeze it's like -- sacramento bee it's likely a significant amount. >>> janine de la vega is live for us in cupertino this morning. one of the places
CNN
Dec 31, 2012 1:00am PST
. if lawmakers do not reach a fiscal cliff agreement, you could see your taxes skyrocket and deep spending cuts kick in. major sticking points, entitlements and tax increases. house republicans have ended their meetings for the night. we'll find out tomorrow whether vice president joe biden and mitch mcconnell have made any progress in their talks. any deal would have to get enough votes to pass the senate and the house. >>> president obama says sandy hook school shooting was the worst day of his presidency. americans will have to explore their own feelings when his gun law reform proposals come out next year. >> the question then becomes, whether we are actually shook up enough by what happened here that it does not just become another one of these routine episodes where it gets a lot of attention for a couple of weeks and then it drifts away. it certainly won't feel like that to me. >> the president says the law he's pushing will address assault style rifles, high capacity magazines and background checks. >>> the fiscal cliff, it's not the only deadline pressing on congress. a five-year farm
FOX News
Dec 29, 2012 10:00am PST
years ago shall the spending cuts, the fiscal cliff, it was designed to force washington to deal with the nation's long-term debt problem. and instead, here we are, a final hour, who knows what will happen next and i want to specifically ask you about the lack of progress on those structural issues like entitlement spending because even the plan c isn't touching that. so that means regardless of what happens before january 1st, investors will then be dealing with a certain degree of political risk long-term after the fiscal cliff deadline has passed. so, how will that affect the market on the economy in terms of spending cuts? >> well, my fear is that the compromise will be that we get the tax increases and they postpone the spending cuts and that's the ultimate objective. >> yes he. >> and you know, that is something that the economy will recover from and something will adjust to. remember, about half of the increased taxes on the average individual come from simply the roll off of that fica tax break we received the last two years, so, you know, the tax increases inasmuch as yo
KRON
Dec 27, 2012 4:00am PST
of the so-called fiscal cliff, a series of tax hikes and spending cuts set to take effect in five days. >> there still seems to be no signs of a compromise acting congress and president obama. >> president obama return to washington to get the credit shortage of medication. is a video the president leaving. >> house and senate members are expected to reconvene today as well. >> without a budget agreement, automatic tax increase is for everyone in the spending cuts will be triggered in the new year. >> the main dispute continues to be over taxes. >>, of the kron 4 morning news changes are coming to a netflix starting next year. how the company wants to get users more connected socially and next. >> the web more attractive weather and headlines when we come back >> wexcome backed. >> time is 4:10. >> net flicks is adding more social features to it streaming media service in the u.s.. >> the company confirms that the congress passed a bill that drops restrictions on sharing user's video rental history. these revisions now with president obama signature before becoming law. >> lifting the
KRON
Dec 30, 2012 8:00pm PST
to other developing news tonight. no deal on the fiscal cliff. if nothing is done by midnight monday, mandatory tax hikes and spending cuts will kick in, impacting every american. senate majority leader harry reid says while negotiations are on-going, the senate will not vote on any plan this evening. elizabeth corridan is monitoring the situation from washington, d-c. senate majority leader harry reid says while negotiations are on-going, the senate will not vote on any plan this evening. the senate will reconvene monday morning, at which point there will be just over 12-hours until the u.s. goes over the fiscal cliff. >>> if nothing is done by midnight monday, mandatory tax hikes and spending cuts will kick in, impacting every american. elizabeth corridan is monitoring the situation and brings us the latest. --reporter pkg-as follows -- " as we gather with so much work undone, guide our lawmakers with your wisdom." the senate convened its rare sunday session with a prayer for progress. the house returned from its holiday hiatus. with less than 48- hours until the u-s economy goes o
MSNBC
Dec 30, 2012 1:00pm PST
to understand exactly what this fiscal cliff is. it's actually not that complicated. the tax cuts that were introduced in 2001, 2003, 2010, those were extended, and they are all about to expire at the end of the year. so on midnight december 31, if congress doesn't act, then everybody's taxes go up. and for the average family, that could mean a loss of $2,000 in income. for the entire economy, that means consumers have a lot less money to make purchases, which means businesses are going to have a lot less customers, which means that they are less likely to hire, and the whole economy could slow down at a time when the economy is actually starting to pick up. we are seeing signs of recovery in housing and in employment numbers improving. and so what congress needs to do, first and foremost, is to prevent taxes from going up for the vast majority of americans. and this was a major topic of discussion throughout the campaign. what i said was that we should keep taxes where they are for 98% of americans. 97% of small businesses. but if we're serious about deficit reduction, we should make sure
FOX News
Dec 31, 2012 6:00am PST
would be spent on eliminating the fiscal cliff automatic spending cuts and extending unemployment checks. is it true not a dial would go to cutting the real problem, the debt and deficit? >> yeah. in one scenario that is absolutely the case. we shouldn't actually be surprised. it has been clear at least for a short amount of time that this hasn't been the goal of these discussions. i mean for all the talk about deficit reduction and despite the fact that this began as an effort to rein in spending after the 2010 elections, it is clear democrats in the house and senate, i would argue the president, haven't been serious about long-term spending cuts. gregg: maybe they're not serious, you know, they see a political benefit to literally going over the fiscal cliff? >> yeah. i think there's, obvious political incentive for the president to go over the fiscal cliff at this point. if you think where we will be in just two days, and you're the president of the united states looking back on this, taxes will have gone up, defense cuts his uniform military have warned against will begin to be imple
MSNBC
Dec 30, 2012 11:00am PST
of those cuts in defense alone. >> well, the other part of the fiscal cliff is congress agreed that they would cut an additional $1.2 trillion in spending. they put a committee together to try to come up with those numbers. they didn't figure out how to do it. and so what we now have is a situation where these automatic spending cuts go into place. now if we have raised some revenue by the wealthy paying a little bit more, that would be sufficient to turn off what's called the sequester, these automatic spending cuts. and that also would have a better outcome for our economy long-term. but you know, so far at least, congress has not been able to get this stuff done. not because democrats in congress don't want to go ahead and cooperate. but because i think it's been very hard for speaker boehner and republican leader mcconnell to accept the fact that taxes on the wealthiest americans should go up a little bit. as part of an overall deficit reduction package. >> you talk about a dysfunction in washington. you signed this legislation setting up the fiscal cliff 17 months ago. how
MSNBC
Dec 30, 2012 4:00pm PST
of the fiscal cliff is congress agreed that they would cut an additional $1.2 trillion in spending. they put a committee together to try to come up with those numbers. they didn't figure out how to do it. and so what we now have is a situation where these automatic spending cuts go into place. now if we have raised some revenue by the wealthy paying a little bit more, that would be sufficient to turn off what's called the sequester, these automatic spending cuts. and that also would have a better outcome for our economy long-term. but you know, so far at least, congress has not been able to get this stuff done. not because democrats in congress don't want to go ahead and cooperate. but because i think it's been very hard for speaker boehner and republican leader mcconnell to accept the fact that taxes on the wealthiest americans should go up a little bit. as part of an overall deficit reduction package. >> you talk about a dysfunction in washington. you signed this legislation setting up the fiscal cliff 17 months ago. how accountable are you for the fact that washington can't get anything d
MSNBC
Dec 30, 2012 11:00pm PST
this fiscal cliff is. because it's actually not that complicated. the tax cuts that were introduced in 2001, 2003, 2010, those were extended and they're all about to expire at the end of the year. so on midnight, december 31st, if congress doesn't act, then everybody's taxes go up. and for the average family, that could mean a loss of $2,000 in income. for the entire economy, that means consumers have a lot less money to make purchases, which means businesses are going to have a lot less customers, which means that they're less likely to hire and the whole economy could slow down at a time when the economy is starting to pick up and we're seeing signs of recovery in housing and employment numbers improving. so what congress needs to do first and foremost, is to prevent taxes from going up for the vast majority of americans. and this was a major topic of discussion throughout the campaign. what i said was, that we should keep taxes where they are for 98% of americans. 97% of small businesses. but if we're serious about deficit reduction, we should make sure that the wealthy are paying a litt
KRON
Dec 31, 2012 4:00am PST
will be checking in with erica in just a few minutes but before we get to erica let us talk about the fiscal cliff we are in the final hours from keeping lawmakers from going over that so- called fiscal cliff. >> economist there that the combination of automatic spending cuts and tax increases could trigger a new recession. >> and spencer explains how negotiations today must now overcome a " major setback. >> there will be part of it that i find disgusting rest principle which i may have to swallow in the name of compromise. be a rare session on capitol hill. >> the senate will come to order. >> as lawmakers try to avoid the so-called fiscal cliff. >> both sides agreed to push forward. >> i want everyone to know i am willing to go the distance. but i need a dance partner. >> vice-president joe biden departure for mcconnell. >> if is not resolved by midnight tonight tax increases will be for all americans. >> one mom said to me in michigan that is four months' worth of groceries. >> that is gas for me back and forth to work. >> democrats won higher taxes on americans earning more than two of the $5
FOX News
Dec 30, 2012 3:00pm PST
if they reach a deal on the fiscal cliff, there are already defense cuts that will hurt anyway. >> that's right. those decisions have been made. what's so disappointing about this deal being constructed here, and hopefully there is one, is the fact sequestration is not on the table. that is going to take place anyway. we look at the readiness of our forces and readiness is a word that describes the preparedness to fight effectively and that he is what americans should remember. we look at one, do we have the people, and are they qualified with the appropriate skill sets, enlisted and officer. do we have the repair parts and maintenance hours to fix the equipment that we have and then are we able to train effectively with that with the amount of hours and time needed to do that. all of that would be cut back significantly, so the readiness of this force, its ability to fight is what i'm saying, would go down markedly. and also there's going to be significant morale impact to the force because all of the services on bases would be cut to include repair and maintenance of barracks and facility and
CBS
Dec 31, 2012 6:30pm EST
the fiscal cliff which could trigger across-the-board tax increases and billions in spending cuts. however, there is hope for a soft landing. senate republican leader mitch mcconnell and president obama said today a deal was close. but late in the day house leaders announced they will not vote on a deal tonight. they're waiting for the senate. so what happens now? we have two reports beginning with nancy cordes on capitol hill. nancy, good evening. >> good evening to you, rebecca. it looks like the deadline pressure finally prompted a meeting of the minds today. negotiators agreed to a plan that extends the bush era tax cuts for 99% of americans. but they are hung up on one key spending issue, and so it looks like we will go over the fiscal cliff at least temporarily. >> we're very, very close to an agreement. >> reporter: senate republican leader mitch mcconnell said his round-the-clock negotiations with vice president biden had paid off. >> i can report that we've reached an agreement on all of the tax -- the tax -- issues. >> reporter: first and foremost, the bush era tax cuts. the two
CNN
Dec 31, 2012 11:00am PST
will the fiscal cliff. $600 billion worth of tax increases and spending cuts. it is supposed to be automatic. but now republicans are suggesting a delay, the president just spoke trying to add pressure to congress to avoid going over the fiscal cliff. listen. >> my preference would have been to solve all these problems in the context of a larger agreement, a bigger deal, a grand bargain, whatever you want to call it, that solves our deficit problems in a balanced and responsible way that doesn't just deal with the taxes, but deals with the spending in a balanced way, so that we can put all this behind us focusing on growing our economy. but with this congress, that was obviously a little too much to hope for at this time. >> let's turn now to chief white house correspondent jessica yellin. let's talk a little bit about the outlines of the deal, the fact that the president came out to make his case and try to push this thing over the finish line. what does the white house have to do to gain the backing it needs. >> reporter: well, what we heard from the president today just now was really an
FOX News
Dec 28, 2012 8:00am PST
down toward the fiscal cliff deadline and looming tax hikes and spending cuts, that will impact nearly every single american we are just hours away from a crucial white house meeting of the president obama and leaders from the house and senate will sit down for their first face-to-face since november! but what can they hope to accomplish with so little time left, and at this point do they even want to come up with a solution? joining us oklahoma congressman james langford, incoming chairman of republican policy committee and serves on the house oversight and budget committees. congressman, are we going over the cliff? >> well we certainly hope so, hope not actually, but trying to get this resolved. the house as you know full well passed all of our sequestration documents in may. passed all of our tax documents in august and we have waited for the senate all this time and for the president frankly all this time. frustrating for the house did all our work early and be at the point we never hoped to be at. jon: when senate majority leader harry reid says speaker boehner, leader of the hou
FOX News
Dec 27, 2012 3:00pm PST
tone for heading for the fiscal cliff in days. president obama and senators cut the christmas vacation short. the leader is happy to review what the president has in mind but to date they have not put forward a plan. late today, mcconnell expressed frustration. >> this is a conversation we should have had months ago. republicans aren't about to write a blank check or anything that senate democrats put forward just because we find ourselves at the essential. >> asked if he was going over the cliff, biden joked cliff? what cliff? this has been operated with a dictatorship of the speaker. not allowing the vast majority of the representatives to get what they want. they want them to return in case a deal is in the final hours. today, the u.s. is heading over the cliff. >> what goes away next week is the bush tax cut that they loathed since they went in place a secon decade ago. don't assume the president wants to cut a deal. he wants to see if he'll be blamed for it before they negotiate. they talk about the meeting tomorrow with the president and key congressional leaders. >> thank you. i
CNN
Dec 31, 2012 4:00pm PST
to cut back, josh cohen blames fiscal cliff negotiations for throwing a wrench into his plan to expand his franchise. he started a business to remove junk from homes and businesses and now has about 50 employees. >> i'm just frustrated and angry. and i just want to move on and grow our business. and help to support the economy and all of the people that we employ. but instead, again, we're just kind of on hold here. >> with so many sectors of the economy bracing for financial pain, patience has worn thin among americans filing i reports like missy, of fayetteville, arkansas. >> this fiscal cliff mess shows how incredibly out of touch you are with the way people really live in this country. you are off in lala land, and eve everyone is saying how you're asking like spoiled brats who are more interested in being right than doing the right thing and representing the people who elected you. >> mary snow, cnn, new york. >> more interesting, being right than doing the right thing for your country. cnn's coverage of the fiscal cliff continues right after this.
CBS
Dec 31, 2012 7:00am EST
have hours go before the fiscal cliff deadline when dramatic increases and spending cuts kick in. congressional leaders and vice president biden are struggling to avoid the fiscal cliff. those negotiations continue this morning. nancy cordes is on capitol hill. nancy, good morning. >> reporter: good morning to you, norah. they have appeared to move closer to one another. democrats have come way up from the president's longstanding position that the bush tax cuts should expire for all household income over $250,000 a year. republicans have come way down from speaker boehner's insistence that that limit be set at a million dollars. and so if there's a deal today, and that's a big "if," you can expect it would be set around $400,000, $500,000, $600,000 a year, so certainly 90, 95% of americans would be keeping their tax cut. one of the biggest sticking points for the republicans right now appears that this deal doesn't include significant spending cuts. in fact, it contain as lot of new spending and so that is one major issue that's going to have to be ironed out. and if they don't
CNN
Dec 30, 2012 7:00pm PST
as negotiations on capitol hill stall to avert falling over the fiscal cliff. senate leaders need to put something together to avoid tax increases for just about everyone and big spending cuts. a make or break deal comes down to a few lawmakers on the topic of taxes on the wealthy. >> it remains to be scene whether the republicans being driven by a very extreme group of house members will allow our economy to pert because of their desire to protect multimillionaires in this country. that's what it's going to boil down to. republican representative tom cole says he's confident that bainer can get the votes he needs. >> on the speaker's plan, he had over 200 republican votes, it's not as if he had an awfully strong hand to play, if it's a deal john boehner can accept, it will be passed in a bipartisan manner with a very strong majority. if on the other hand he's neutral and not favorable, his chances will be a lot slimmer. >> lisa desjardins following the news on capitol hill. >> reporter: the news is a little better than it was earlier today. negotiations are still happening. there was a point toda
KRON
Dec 28, 2012 4:00am PST
will grow over the so-called " fiscal cliff. " that's when automatic tax increases and spending cuts could take effect. retain a deal before then will not be easy. because right now, both sides are involved in a high-stakes political blame game. >> we are here in washington working while the members of a house representatives are watching movies and watching the kids play soccer and basketball and doing all kinds of things. they should be here. i told the president that i would be happy to look at whatever he proposes but the truth is we are coming up against a hard deadline here and as i said this is a conversation we should have made months ago. democrats want to extend the bush era tax cuts to everyone except those americans making too much and $50,000 or more a year. many republicans remain against any tax increases. >> former president george h. w. bush is still in intensive care at a hospital in houston. the former president's family is confident that he will be out of i see you soon. if the former president's chief of staff since supporters a note yesterday including this ". " he wo
KRON
Dec 30, 2012 11:00pm PST
and still no deal on the fiscal cliff. if nothing is done by midnight monday, mandatory tax hikes and spending cuts will kick in, impacting every american. senate majority leader harry reid says while negotiations are on-going, the senate will not vote on any plan this evening. elizabeth corridan is monitoring the situation from washington, d-c. >> reporter: >> as >> as we gather with so much, we need to guide our lawmakers with your wisdom. this evening. >> reporter: the senate will reconvene monday morning, at which point there will be just over 12-hours until the u.s. goes over the fiscal cliff. the senate convened its rare sunday session with a prayer for progress. the house returned from its holiday hours until the u-s economy goes over what's being called the fiscal cliff - lawmakers are locked in a fierce face-off over a set hikes. "we're apart on some pretty big issues." " >> i'm willing to get this done, but i need a dance partner." >> reporter: on n-b-c's meet the press, president obama made a final pitch for his plan to preserve bush era tax cuts for everyone but the we
WHUT
Dec 31, 2012 7:00am EST
in the united states to strike a deal to prevent the economy from going over the so- called fiscal cliff. that is when a package of automatic spending cuts and tax rises comes into fact which could set the country back into recession. that less than 20 hours into the generate the first deadline. >> as night descended on washington, no deal precentors went home with a low over 24 hours to go before the huge austerity package known as the fiscal cliff, something almost nobody wants is due to descend on the american economy. >> we will come in at 11:00 tomorrow morning and that further announcements. >> if there's no doubt, the price of failure could be high. the average american, might see their taxes rise by as much as $2,000 a year. as spending cuts take money from the economy, a second american recession becomes a possibility. confidence in america will be shaken. the financial markets may take fright. president obama believes it is time for the wealthiest americans to pay more in taxes. he has made that part of his negotiating position. he criticized republicans for resisting these tax
CBS
Dec 31, 2012 7:00am PST
% that are required in the so-called fiscal cliff. agencies will decide which employees to lay off and when. as part of these preparations, the administration also has notices it will soon deliver to delay or cancel federal government contracts. as for negotiations themselves it is a bit of a team effort here at the white house. president obama is dealing directly and spoke frequently sunday with the senate majority leader harry reid while vice president joe biden spoke frequently sunday with republican leader in the senate mitch mcconnell. mcconnell and biden get along much better than mcconnell does with president obama. in the last 24 hours, the administration has given ground on raising threshold for income tax rates and estate tax rates, but also demanded much more in new government spending the republicans are comfortable with. it's that division between spending and taxes that continues to divide both sides, and that is the one thing that may prevent a deal from being achieved in the final hours as we get nearer to the fiscal cliff. >> major garrett, thank you. se
CBS
Dec 31, 2012 4:30am EST
over the fiscal cliff. senators are in the driver's seat on this and they have until midnight to make some sort of compromise before massive spending cuts and tax increases kick in. randall pinkston has more from capitol hill. >> reporter: members of congress left meetings on capitol hill sunday without a deal. hours before the nation is set to fall off the so-called fiscal cliff. >> there is still significant distance between the two sides, but negotiations continue. >> reporter: if republicans and democrats can't strike a deal before midnight monday, taxes will go up for most every american. automatic spending cuts will kick in. millions will lose unemployment benefits. >> i'm willing to get this done but i need a dance partner. >> reporter: republicans introduced but quickly withdrew a proposal to cut the deficit by slowing social security. >> there is a lot of give and take going on right now but republicans don't want to see tax increases used for new spending. >> reporter: vice president joe biden was called on to help with the negotiations, this as the white house places a lot
CNN
Dec 31, 2012 2:00am PST
is the fiscal cliff. lawmakers saw it coming, but didn't bother to pay any attention to it until after the election. had they put politics aside and dealt with it earlier, who knows how strong the u.s. economy would be right now. >>> next, scandal. can you guess who made our list because of bad behavior? new prilosec otc wildberry is the same frequent heartburn treatment as prilosec otc. now with a fancy coating that gives you a burst of wildberry flavor. now why make a flavored heartburn pill? because this is america. and we don't just make things you want, we make things you didn't even know you wanted. like a spoon fork. spray cheese. and jeans made out of sweatpants. so grab yourself some new prilosec otc wildberry. [ male announcer ] one pill each morning. 24 hours. zero heartburn. satisfaction guaranteed or your money back. >>> i'm don lemon with a look at your headlines. hillary clinton will spend new year's eve in a new york city hospital with a blood clot. doctors admitted the secretary of state sunday after a medical exam. the clot is believed to be related to the concussion
CNN
Dec 31, 2012 1:00pm PST
and spending cuts, heading over the dreaded fiscal cliff. president obama says an agreement, though, is within sight. republican-led house of representatives, though, will now wait till after the country goes after that fiscal cliff at midnight tonight before coming up with a deal, if, in fact, there is a deal. we want to welcome our viewers in the united states and around the world. i'm wolf blitzer. you're in "the situation room." >> announcer: this is cnn breaking news. >> let's get to the first breaking news story we're following right now. the secretary of state hillary clinton is in the hospital this new year's eve with a potentially serious blood clot which doctors have now revealed is located between her brain and her skull. let's go straight to cnn's foreign affairs correspondent jill dougherty for the latest. dr. gupta's going to join us momentarily as well. tell us what her doctors have just revealed. >> well, wolf, backing up just a little bit. all day today, the question was, where was that blood clot. because after all, in the statement that came out initially, it was no indicati
CSPAN
Dec 30, 2012 7:00am EST
about leading to the fiscal cliff. you have the payroll tax cut that will expire, and nobody is talking about extending back. that is one that will give it the biggest bang for the buck economic allies. it helps americans the most. host: come out of the cliff are we cutting off, and how much will it -- and how much will we be going off? guest: you're staring at 1 cliff surely, that is 2% of every wage earner but to every $110,000 or so. that will have a pretty dramatic economic impact. beyond that, you'll be approaching a debt ceiling cliff which is another standoff. i assume that is where we will get most of the discussion on spending cuts. that seems to be absent from whatever deal they will be talking about. guest: another way to think about it -- if there is no deal at all, the $600 billion in cliff-related tax increases and spending cuts, if they have some kind of deal, we're talking about $200 billion or so. what we're talking about here is probably the wrong fiscal policy given the time. something in between that, maybe the minimum of $200 billion and the maximum of $600 billion.
FOX
Dec 31, 2012 7:00am EST
big tax hikes that are part of the fiscal cliff. also big cuts in government spending that could make 2013 a pretty rough year. congress is ending 2012 with a real problem. >> when the future of the country rests in the hands with 70 and 80-year-olds is not the best thing. >> the vice president appears to be taking over for democrats after a republican counter offer to prevent tax hikes was met by silence. harry reed said democrats couldn't respond. >> i'm willing to get this done but i need a dance partner. >> reached out to the vice president whose years in the senate could help him broker a deal. probably just a continuation of the bush era tax cuts for most americans and a renewal of long-term unemployment benefits. payroll taxes will go up tomorrow for everyone. a big hit for paychecks and those automatic government spending cuts were still happen. president obama blamed republicans. >> we don't see an agreement and now the pressure is on congress to produce. >> the president talked about making social security cuts. and they now appear to be off the table. which means that just
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